Press release on the unofficial traditional BRICS meeting at the sidelines of the G20 summit in Osaka, Japan

On June 28, 2019, at the sidelines of the G20 summit in Osaka, Japan, the unofficial traditional BRICS meeting was held. The BRICS leaders outlined the common approaches to the following issues:

- the strengthening of the global financial system, World Trade Organisation (WTO) and International Monetary Fund (IMF) reforms, assistance with international development and the implementation of the Paris Agreement on climate change;

- the commitment to the multipolar world order, compliance with the international law, rejection of unilateral and protectionist measures contradicting the WTO spirit and rules.

The Russian President Vladimir Putin raised concerns on the state of the world economy. In his opinion, the international trade stopped being the driving force of growth owing to the heavier burden of protectionism, politically motivated restrictions and barriers with business activity shrinking, the global debt and volatility in financial and commodity markets increasing. In these circumstances, the BRICS should act as initiators in building a more just and sustainable global development model based on equality, respect for sovereignty and consideration for the interests of all countries in order to search for solutions and possible agreements that could become a blueprint for discussion in a wider circle of interested states.

His BRICS counterparts joined words of the Russian President, urged to reform the WTO and provide transparent, nondiscriminatory, open, free and inclusive international trade as well as to enhance the effectiveness of the Organisation and its mechanism of dispute settlement.

As a new Chair, Brazil is determined to give priority to the strengthening of the New Development Bank and the improvement of its cooperation with private sector. The BRICS leaders made a commitment to assist in forming the balanced and high qualitative backlog of projects, first of all, in infrastructure, opening new offices in Moscow and Brasilia this year and in India in 2020, drawing funds in the BRICS national currencies and launching its bonds in Russia and South Africa.

The significant attention was attracted to the BRICS role in finding a political solution to the acute challenges and reducing threats to the international peace and security in Afghanistan, in the Middle East, on the Korean peninsula and in Venezuela as well as countering terrorism and illegal financial flows.

In the end, the leaders called for emerging economies’ active participation in global value added chains and their greater engagement in the “BRICS outreach” format.

 

The Embassy of the Russian Federation

in the Republic of Botswana